Truist Financial Corporation $TFC Stock Position Reduced by Sanders Capital LLC

Key Points

• Sanders Capital cut its Truist Financial stake by 4.4% in the third quarter, selling 83,810 shares; it retained 1.83 million shares valued at about $84.5 million. Institutional investors collectively own 71.28% of the company.
• Analysts’ consensus rating is Hold, with an average price target of $54.73. Truist’s latest quarter slightly missed estimates, reporting EPS of $1.16 versus $1.17 expected and revenue of $5.30 billion versus $5.35 billion expected.
• Truist announced a quarterly dividend of $0.52 per share, equal to a 4.2% annualized yield. CEO Michael Lyons also bought 25,000 shares at an average price of $48.36.

Sanders Capital LLC reduced its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 4.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,825,212 shares of the insurance provider's stock after selling 83,810 shares during the period. Sanders Capital LLC owned about 0.15% of Truist Financial worth $84,507,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in TFC. BlackRock Inc. acquired a new position in Truist Financial during the second quarter valued at $4,959,834,000. State Street Corp grew its position in Truist Financial by 0.9% during the 2nd quarter. State Street Corp now owns 58,692,619 shares of the insurance provider's stock worth $2,924,066,000 after purchasing an additional 501,026 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Truist Financial by 7.5% during the 1st quarter. Bank of New York Mellon Corp now owns 11,289,721 shares of the insurance provider's stock valued at $518,988,000 after buying an additional 789,179 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Truist Financial by 1.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,608,268 shares of the insurance provider's stock valued at $395,642,000 after buying an additional 164,052 shares during the last quarter. Finally, Legal & General Group Plc raised its stake in shares of Truist Financial by 0.6% during the 2nd quarter. Legal & General Group Plc now owns 7,853,887 shares of the insurance provider's stock valued at $391,281,000 after buying an additional 44,215 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on TFC. UBS Group dropped their target price on Truist Financial from $55.00 to $50.00 and set a "neutral" rating on the stock in a report on Monday, October 5th. Bank of America decreased their price target on Truist Financial from $56.00 to $53.00 in a report on Thursday, October 8th. HSBC began coverage on Truist Financial in a research report on Monday, September 28th. They issued a "buy" rating and a $61.00 price objective on the stock. Keefe, Bruyette & Woods dropped their price objective on shares of Truist Financial from $55.00 to $54.00 and set a "market perform" rating on the stock in a research note on Monday, October 19th. Finally, The Goldman Sachs Group dropped their price objective on shares of Truist Financial from $59.00 to $58.00 and set a "buy" rating on the stock in a research note on Monday, October 19th. Nine investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, Truist Financial has an average rating of "Hold" and a consensus target price of $54.73.

Truist Financial Price Performance

Shares of Truist Financial stock traded down $0.36 on Friday, hitting $49.48. The company's stock had a trading volume of 5,760,433 shares, compared to its average volume of 8,307,338. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.88 and a current ratio of 0.88. Truist Financial Corporation has a 1 year low of $43.13 and a 1 year high of $56.19. The firm has a fifty day moving average price of $48.34 and a 200-day moving average price of $49.50. The company has a market capitalization of $59.30 billion, a price-to-earnings ratio of 12.75, a price-to-earnings-growth ratio of 1.10 and a beta of 0.90.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings results on Friday, October 16th. The insurance provider reported $1.16 earnings per share for the quarter, missing analysts' consensus estimates of $1.17 by ($0.01). Truist Financial had a return on equity of 10.37% and a net margin of 18.01%. The business had revenue of $5.30 billion during the quarter, compared to analyst estimates of $5.35 billion. During the same period in the previous year, the company posted $1.04 EPS. The business's revenue for the quarter was up 1.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Truist Financial Corporation will post 4.66 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 13th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend is Friday, November 13th. Truist Financial's dividend payout ratio is presently 53.61%.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, CEO Michael Lyons bought 25,000 shares of the firm's stock in a transaction dated Wednesday, October 28th. The shares were purchased at an average price of $48.36 per share, for a total transaction of $1,209,000.00. Following the transaction, the chief executive officer directly owned 46,000 shares of the company's stock, valued at approximately $2,224,560. This represents a 119.05% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.15% of the stock is currently owned by insiders.

About Truist Financial

Truist Financial Corporation NYSE: TFC is a financial services company headquartered in Charlotte, North Carolina. It provides banking and related services to individuals, businesses and institutions, including deposit accounts, loans, credit cards, payment services and treasury management.

The company also offers wealth management, investment and mortgage services, along with commercial banking and capital markets solutions. Its operations are concentrated in the southeastern and mid-Atlantic United States, serving customers through branches, digital channels and other delivery platforms.

Truist was formed in 2019 through the merger of BB&T Corporation and SunTrust Banks.

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